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Bengaluru, June 24: City-based I Monetary Advisory (IMA), which duped thousands of families, mostly Muslims, in the name of halal investment, has become a bitter reality of "we were robbed by our own people". All the accused except its CEO Mohammad Mansoor Khan have been released on bail in this ponzi scam worth thousands of crores of rupees.
The scam has not only been investigated by SIT and CBI, but it has reverberated many times in the Assembly, corridors of power, and in the courts.
Around 80,000 investors are in trouble after the Monetary Advisory (IMA) scam came to light. Many investors have left this world, many families have split, many marriages have broken down and many have become unemployed, homeless, helpless and hapless. One of the senior IAS office, who had faced arrest in the scam, reportedly killed himself just a day ago.
It has been more than a year since this multi-billion scam came to light. But the affected families still do not see any ray of hope. The government, led by senior IAS officer Harsh Gupta, has set up a special competent authority to address investor grievances in the matter.
According to information provided by Harsh Gupta, investors have to be paid Rs 2,900 crore. But the value of the company's assets seized so far could be around Rs 450 crore. The process of auctioning the assets has not started yet. The authority has developed an online portal for submission of claim forms from investors. But the process of taking applications has not started yet. Syed Gulab, a social worker overseeing the case, says that after all the claim forms have been submitted, we will get a clear picture about the exact number of investors and the total amount of arrears. But this process may take a few more months to complete.
Senior journalist Maqbool Ahmed Siraj says that IMA has systematically deceived people in the name of halal investment through capital scheme. In 2006, Muhammad Mansoor Khan, a one-time small businessman, set up a company. He began to attract large number of investors by creating the greed for more profit among middle class and poor people.
By 2015, the company had received money from more than 12,000 investors and continued to pay monthly profits. By the time the company closed in 2019, 80,000 people had invested their hard-earned money here. In Bengaluru, the company expanded its reach by investing in two major gold showrooms, hospitals, schools, several medical stores, a publishing center, a supermarket, and real estate firm.
Mr Siraj says that Mansoor Khan and his team not only lured the poor and middle class to pursue their own interests but also created a favourable atmosphere for their so called business by winning the hearts of politicians, government officials, clerics, religious institutions and media.
Unsuspecting people invested their money in a bid to make more profit in less time. When the company stopped making profits and Mansoor Khan suddenly fled on June 9, 2019, the investors woke up the to the reality.
Apart from residents of Bengaluru and other parts of Karnataka, people from Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra other states also have invested their money.
Comments
India need back to ballet revolution or face new constitution in future. EVM votes for modi on all states.
Cong. Govt was very good and fulfilled all the promises, good in administration and Overall development and one of the top most Govt in India, and list goes. but still BJP win the election in spite of corrupt leaders, hate mongers and looters. How it is possible?
What is the Reason? Unknown? Think of it. there is no Anti Cong. Ale, in karnataka
There is no any major complaint against rulers during periods. one of the best performed govt.
It is very difficult to think that people of karnataka is not ignorant and hate mongers
If we analyse the Reasons may be
1) People may not concern about Janakeeya govt and development work
2)EVM magic may be?
it is not possible to prove EVM tampering because it is highly technical and Election commission and all its engineers may be fully controlled by Sangh Parivar. so there is no value for complaint.
To whom we complaint?
It could be hidden agenda to rule India and its state through EVM. even supreme court and justice is loosing its value. Democracy is almost in end stage
There is a lesson to think. Analyse....
Think......think.......think...... think
Find out the reason......
No doubt it is EVM tampering...
EVM bluetooth hack played major role in Karnataka election... no people in the world will vote for corrupt party man..this is kill of democracy & raise of evil in india ...this will only end if indian involve in war or people revelotion against government...now more midclass people will soon become poor..no job..no development..no peace...no justice...most important save your daughter from evil people of BJP...
Anti Hindu Government Kicked out. This is what happens if you seek votes only from minority.
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